Left Menu
Development News Edition

FACTBOX-'I Am Chairman Of Chrysler Corporation Always': 8 facts about Lee Iacocca

Reuters | Washington DC | Updated: 03-07-2019 07:50 IST | Created: 03-07-2019 07:45 IST
FACTBOX-'I Am Chairman Of Chrysler Corporation Always': 8 facts about Lee Iacocca
Image Credit: Flickr

Facts about auto industry executive Lee Iacocca: * Born Oct. 15, 1924, in Allentown, Pennsylvania, to Italian immigrants, Iacocca went to work for the Ford Motor Co as an engineer after finishing college. Not long afterwards, he switched to Ford's marketing and sales side.

* Iacocca quickly rose through the ranks and was made Ford president in 1964. During his tenure, he championed the highly successful Mustang but clashed with Ford chief Henry Ford II, who fired him in 1978 after 32 years with the company. * He took over struggling Chrysler, now part of Fiat Chrysler Automobiles, a few months later and brought the automaker back from the brink of bankruptcy by going to Washington in 1979 and persuading the federal government to guarantee $1.2 billion in loans to the company. He closed plants and cut the workforce and wages at all levels, including his own salary to $1 a year. When the company rebounded, he made $20 million.

The moves, along with Chrysler's introduction of fuel-efficient cars and the minivan, led to a corporate comeback. He paid off the loans seven years early. * Chrysler's rebound made Iacocca among the world's best-known businessmen. He became a familiar figure through Chrysler TV commercials, telling viewers "If you can find a better car, buy it!" His 1984 autobiography was a long-running best-seller that sold as many as 15,000 copies per day at its peak.

* While Ford's Mustang and Chrysler's minivans were huge successes for Iacocca, he also was behind the Ford Pinto, which was recalled because of the danger of exploding gas tanks. * Iacocca considered running for president against George H.W. Bush but changed his mind after conferring with his friend Tip O'Neill, then speaker of the U.S. House of Representatives, who laughed at the prospect and told Iacocca he did not have the temperament for politics.

* After stepping down from Chrysler in 1992, Iacocca pursued entrepreneurial ventures including electric bicycles, casinos and a line of imported olive oil products. * Chrysler employees who needed to remember the correct spelling of the chairman's last name often relied on the mnemonic phrase "I Am Chairman Of Chrysler Corporation Always."


TRENDING

OPINION / BLOG / INTERVIEW

5G will be the key driving force for COVID-19 recovery: Here's how?

... ...

Canada’s COVID-19 pitfalls highlight need for integrated health information system

In the globalized world of today where outbreaks can spread far and wide within a matter of days, a global-level integrated health information system is ideal but Canadas provincial barriers show that the country lags much behind in deployi...

Pandemic must be impetus, not obstacle, for clean water access

To make matters worse, there are suspicions that the inadequacy of wastewater treatment methods in California, the rest of the USA, and indeed around the world may help to propagate the disease even more widely. ...

3D printing and the future of manufacturing post COVID-19

The on-demand, customizable, and localized manufacturing of product components facilitated by 3D printing has the potential to redefine manufacturing but there are certain technical, mechanical, and legal limitations that, unless ...

Videos

Latest News

Telcos evolving into digital networks a positive sign: Trai chief

Pure-play telecom companies evolving into large digital networks offering full stack of services is a positive development that augurs well for the new normal of work-from-home, distant education, telemedicine and other virtual applications...

Woman coronavirus patient dies in ambulance outside hospital

A 60-year-old woman suffering from COVID-19 died in an ambulance outside a city private hospital as she was allegedly made to wait by its authorities, who reportedly demanded that Rs three lakh be first paid for admission, her family member...

Ollie Robinson replaces Stokes in England squad for 2nd Test against Pakistan

Fast bowler Ollie Robinson replaced Ben Stokes as England on Wednesday named a 14-member squad for the second Test against Pakistan, starting Thursday at The Ageas Bowl. Stokes was ruled out of the remainder of the series due to personal re...

Ukraine asks Belarus to extradite 28 alleged Russian mercenaries

Ukraine has formally requested the extradition from Belarus of 28 alleged Russian mercenaries detained by security forces in Belarus, the Ukrainian prosecutor generals office said on Wednesday.Ukraine suspects the men of fighting with Russi...

Give Feedback